Understanding the wants and needs of today's young professionals is
key to building a sustainable talent pipeline for your firm of tomorrow.
Like many industries, widespread effects of the pandemic,
changes in business conditions, and new career alternatives
are creating a major talent shortage within the accounting
profession. Struggling to fill open positions and deal with
increasingly competitive recruiting tactics, CPA firms of all sizes
are exploring new strategies for attracting and retaining talent.
But which strategies actually make a difference to the young
professionals that you so desire and require to build a firm that
lasts for generations to come?
It's easy—too easy, really—to make decisions based on
generational stereotypes. Sure, in some areas, generational
differences are stark, but the pandemic has shifted employee
expectations so drastically that even long-standing stereotypes
feel outdated today. Putting in the legwork to understand exactly
how the next generation of accountants think, and what they
want from their employers, is key to building a sustainable
talent pipeline for your firm.
Understanding Generational Gaps
By 2025, Gen Z will comprise about 30% of the global workforce.
Before then, the youngest of the millennials are dipping their toes
in the workplace waters, while older millennials are rising through
the ranks. Making sense of what these modern generations of
workers care about when making career decisions has been
anything but easy for most, which has led to widespread
misunderstandings about how to attract and retain younger
talent as well as division and dissatisfaction in the workplace.
"One factor causing this generational divide is the notion that
young generations are looking for sexy jobs," says Will Baker,
marketing and CPA experience director at Once Accounting.
"What they're influenced by is doing something of value." In fact,
according to the 2016 Monster Multi-Generational Survey, 74%
of Gen Z workers and 70% of millennials "rank purpose ahead
of a paycheck."
The Flexibility Factor
However, purposeful work isn't the only thing young professionals
are looking for. As a result of the COVID-19 pandemic, workplace
priorities have forever changed. Now more than ever, flexibility
and work-life balance have risen to the top of many young
professionals' career wish lists.
"Young professionals know they can be productive while working
on their own terms, and they expect the ability to do so," says
Kiara Schuh, CPA, risk and financial advisory senior consultant
at Deloitte. "We're all adults who know our working styles and
our capabilities. That's just what makes a good professional."
Of course, financial security—fair wages and good benefits—is
important, too. However, it's just another consideration, not the
consideration, says Maria Tranchina, assurance associate at
BDO USA LLP: "Paying the bills is important. But getting paid
slightly more at a firm that doesn't provide the flexibility you
want isn't, for most of us, a good trade."
For that reason, putting the structures and tools in place to
enable ongoing flexibility might deserve a higher priority than
firms have historically given it. Firm leaders may want to consider
these flexibility options:
- Let teams determine their own in-office schedules. "My
team is very much on a 'come as you wish' basis for being
in the office," Schuh says. "Not every team is like that; some
operate on a scheduled rotation." The point is to allow teams
to have the freedom to work in the ways that best meet
their project’s—and people's—needs.
- Keep mandatory in-person meetings to a minimum. We've
all heard of Zoom fatigue, but in-person meetings can be
just as fatiguing and disruptive, particularly for firms that
have already adopted hybrid work environments. Consider
requiring team members to only travel to the office for
necessary meetings and engagements to prioritize their
productivity and work-life balance.
- Measure productivity by results, not hours. Focus on your
team getting the right things done rather than them putting
in a certain amount of face time behind a desk.
- Don't fall behind on technology. Baker advises delegating
new tech implementations, which make greater productivity
and flexibility possible, to younger staff to help build the
skills they're going to need in the future.
- Balance remote work with in-person socializing. Regular
opportunities to socialize help build camaraderie that
carries over to digital interactions. "In-person events, like
happy hours, help facilitate that sense of community,"
Schuh suggests.
Can You Offer Career Clarity?
Overall, young professionals take their career development
seriously and are seeking firms that offer opportunities for
varied and new experiences, ongoing guidance, and clear
pathways to growth.
"Young professionals don't want to start slowly," says Stephanie
Zaleski-Braatz, CPA, an audit manager at ORBA. "I see a lot of
young professionals trying to step up to the plate earlier and get
as much experience as they can in all aspects of their industry
right off the bat," she says.
Knowing that young professionals want to hit the ground running,
Tranchina stresses that it would be very beneficial for firms to
prioritize the continuing professional development of their new
hires and focus on diversifying their experiences.
Having the ability and support to rotate through different
specialties during their first few years with the firm appeals to
new hires who haven't fully determined their career direction.
Schuh shares that "a huge factor" in her employment decision
was the resources, training, and quality of experience she knew
she would get.
Along with honing skills and gaining experience, young
professionals want guidance and feedback. "Career path
discussions are a huge help," Zaleski-Braatz says. "It's an
opportunity for leaders to explain how we can help the firm
grow and give examples of what other people at the firm have
done to be successful."
This guidance and feedback can range from formal, scheduled
meetings to daily, ongoing interactions. "So often, it's the power
of simple conversations, sharing observations, and providing
supportive feedback that matters," says Nicole Szczepanek,
CPA, a tax partner at Baker Tilly US LLP and a 2022 Women
to Watch Award winner. "These daily interactions can make a
difference in not only everyday experiences but in people's
career paths."
"When young professionals jump ship, it's often because they
don't know what their next step is," Zaleski-Braatz cautions.
"At some point, they'll have moved through a variety of work
and be ready to specialize in specific areas. The conversations
about what their futures are at the firm can't be overlooked."
To better support a young professional's career development,
consider these ideas:
- Offer professional development opportunities. Over the
past few years, young professionals have experienced
major change and expect to go through more. They're keen
to add new skills, expand abilities, and be ready to adapt.
- Don't squeeze support into a box. "As a leader, look for those
everyday opportunities to support your team," Szczepanek
encourages. "It can come in different forms—review notes,
a formal meeting, status updates, or going to lunch."
- Support career milestones. From sitting for the CPA exam
to gaining certifications, young professionals value practical
help in reaching their career goals.
- Support personal milestones, too. The pandemic has
reprioritized life outside of work. For Schuh, the ability
to take a sabbatical and pursue a personal project is
meaningful. "The firm is supporting me as a person, not
just as a professional," she says.
- Be supportive of the person. A revealing question to ask
yourself: Can you support a young professional as a person
and help them develop their career in the best way, even
if that means they don’t stay with your firm?
Real Relationships Matter
Incorporating the kind of work-life flexibility expected by young
professionals requires trust, on all sides. Additionally, providing
genuine feedback and career support requires time and sincere
interest. In both areas, there can be no progress without sincere,
ongoing human connection. This is especially true with young
professionals who value building relationships with the people
they work with. Schuh says that a big factor in her decision to
stay with her employer was the opportunity to connect with
people: "From the beginning, I have felt invested in and very
valued, which makes me want to stay because I feel like I really
have someone in my corner."
"The role of mentoring and relationships has a huge impact in
the attraction, development, and retention of talent," Szczepanek
stresses. "It takes effort. Relationships don't happen from just
sitting back. Firm leaders have to be actively engaged and set
the tone for young professionals. It's important to make sure
they have the confidence to speak up, to ask for help, to reach
out knowing that they also have a voice."
On the other hand, Baker adds that being able to learn from
someone is of great importance, whether you're 25 or 55. "When
older professionals exhibit a willingness to learn from younger
staff, everyone benefits," he says.
Indeed, continual back-and-forth communication, whether via
digital platforms or in person, helps establish real relationships
and loyalty. "From my first day, I had people messaging me
and scheduling calls," Tranchina says. "There was never a time
when people weren't effectively communicating and making
me feel welcomed."
There's no single right way to build real relationships, but it's
made much easier by developing a welcoming firm culture and
thoughtful systems that encourage interaction. To help young
professionals build relationships at your firm, consider these tips:
- Encourage all types of mentoring. Both formal and informal
mentorship helps young professionals learn through
experience and meaningful discussion.
- Be deliberate about digital communication. Without daily,
casual interactions of in-office work, you have to be more
conscious about creating touchpoints through digital means.
- Mind your message. When communicating via digital
platforms, body language is lost. Szczepanek advises that
we all “think a little more specifically about what we say
and how we say it.”
- Facilitate collaboration. Remote and hybrid work
environments can hinder collaboration in a team, so it's
important to keep your teams talking. "Keep in mind that
many young professionals that started during the pandemic
didn't get to work with people at the same level because
of the circumstances," Zaleski-Braatz says, stressing that
it's important to "find ways to work together more."
- Listen to their ideas. The youngest members of your
workforce have plenty to learn, and plenty to offer. "If an
individual has a good idea, and they're passionate about
it, they should have the opportunity to lead it," Szczepanek
suggests.
Ultimately, firms can attract and retain the dedicated, loyal talent
they're looking for if they're willing to listen to and understand
each generation's own unique needs. Today's young professionals
value the stability of the accounting profession, but they're not
eager to join firms that aren't focused on the future. That means
offering purposeful work, work-life flexibility, personalized career
development, mutual respect, and genuine relationships.
Annie Mueller is an experienced financial writer
and principal of Prolifica Co. She works with clients
from individuals to large financial companies and
is a frequent contributor to various financial and
business publications.
Reprinted courtesy of Insight, the magazine of the
Illinois CPA Society. For the latest issue, visit www.icpas.org/insight.
This article appears in the winter 2023 issue of the Washington CPA magazine. Read more here.